NEW YORK, NY, APRIL 22, 2022 — Compass, Inc. (NYSE: COMP), the largest residential real estate brokerage in the United States based on 2021 sales volume [^1], today released a market data report based on findings by Compass’ Senior Managing Director, EA Stribling-Kivlan. The report focuses on residential real estate market data from February 2022 and expands upon trends across the country with a spotlight on three Compass markets: Wilmington, DE, Raleigh, NC, and Baltimore, MD.

“Total existing home sales, which include townhouses, condominiums, cooperatives, and single family homes, dropped 7.2 percent from January 2022 and 2.4 percent from February 2021,” said EA Stribling-Kivlan, Senior Managing Director at Compass. “Home sales are being impacted by numerous factors but three stand out, the continual rise in the average cost of a home, the lack of overall inventory, and growing interest rates for mortgages.”

“Median price, nationally, rose 15.0 percent year over year to $357,300. This marks another historic month in the books as this cements the 120th month in a row of month over month gains in median price,” said EA Stribling-Kivlan. “February 2022 saw a total of 870,000 residential units for sale, a month over month growth of 2.4 percent. However, that growth still amounts to an almost record low number of properties for sale, leading to very little choice for consumers and ultimately, higher sale prices.”

“What is imperative to note is that as of March 31st, 2022, Freddie Mac reported an average interest rate of 4.67 percent for a 30 year conventional mortgage, which is almost a full point over the prior month and marks levels which have not been seen since 2018,” said EA Stribling-Kivlan.

National market updates [^2]:

• Average national sale prices for existing residential properties in February 2022 increased by 15.0 percent from February 2021 to $357,300, marking the 120th consecutive month of year over year increases.

• Total national housing inventory for February 2022 decreased 15.5 percent from February 2021, but increased 2.4 percent from January 2022.

• With high demand and low supply, the national average of days on the market for February 2022 dropped to 18 days, down from 19 days in January 2022 and down from 20 days in February 2021. Ultimately, 84.0 percent of homes sold in February 2022 were on the market for less than a month.

• First-time home buyers have made a slight resurgence in the market, accounting for 29.0 percent of buyers in February 2022, up from 27.0 percent in January 2022, but down from 31.0 percent in February 2021.

• In contrast to first-time home buyers, individual investors and second-home buyers have stepped back from the market, accounting for 19.0 percent of February 2022 home sales, decreasing from 22.0 percent in January 2022, but up from 17.0 percent in February 2021.

• 25.0 percent of all home sales in February 2022 were all-cash, compared to 27.0 percent in January 2022 and 22.0 percent in February 2021.

Focusing on Wilmington, DE, Raleigh, NC, and Baltimore, MD, EA Stribling-Kivlan provided insights into the nuances of each market and how they compare to the national trends:

Wilmington, DE saw a nearly 12.0% percent increase in year over year home sale median price growth for February 2022, inching closer to the new national median sale price average of $357,300 [^3]:

• Wilmington’s year over year 5.9 percent decrease in number of home sales is slightly more than twice the national average decrease of 2.4 percent, for February 2022.

• At a drop of 5.7 percent year over year, Wilmington’s inventory of homes for sale in February 2022 is quite optimistic when compared to the national average decrease of 15.5 percent.

• “According to local Compass agents, out of state buyers are becoming more and more prevalent with direct train access to New York City and nearby airports,” said EA Stribling-Kivlan. “With a shortage of inventory, there has been an uptick in the number of off-market deals and buyers waiving appraisal and inspection contingencies to win bidding wars.”

Single Family Homes

Overall Number Of Homes Sold

479 - February 2021

451 - February 2022

-5.9% Percent Change Year Over Year

Median Sales Price

$255,000 - February 2021

$285,000 - February 2022

+11.8% Percent Change Year Over Year

Average Percent Of List Price Received

99.3% - February 2021

100.7% - February 2022

+1.4% Percent Change Year Over Year

Median Days On Market

7 - February 2021

7 - February 2022

0% Percent Change Year Over Year

Inventory Of Homes For Sale

423 - February 2021

399 - February 2022

-5.7% Percent Change Year Over Year

Raleigh, NC saw its February 2022 market inventory decrease by more than half, at 53.3 percent year over year, more than three times the national average [^4]:

• Raleigh saw a 16.4 percent decrease in the number of homes sold for February 2022, compared to February 2021, nearly seven times greater than the national average decrease of 2.4 percent.

• Raleigh’s median sales price has jumped 23.6 percent year over year, surpassing the new national average of $357,300, coming in at $435,000 for February 2022.

• “According to local Compass agents, the Raleigh market is red hot, with entry prices approaching what was once considered high-end. Buyers are facing a great deal of competition, often facing-off with multiple offers, even with continued interest rate increases,” said EA Stribling-Kivlan.

Single Family Homes

Overall Number Of Homes Sold

1,818 - February 2021

1,273 - February 2022

-16.4% Percent Change Year Over Year

Median Sales Price

$352,038 - February 2021

$435,000 - February 2022

+23.6% Percent Change Year Over Year

Average Percent Of List Price Received

100.6% - February 2021

104.1% - February 2022

+3.5% Percent Change Year Over Year

Median Days On Market

20 - February 2021

13 - February 2022

-35.0% Percent Change Year Over Year

Inventory Of Homes For Sale

1,310 - February 2021

610 - February 2022

-53.4% Percent Change Year Over Year

Baltimore, MD, while steady in median sale price year over year, saw substantial decreases in the overall inventory and number of homes sold for February 2022, compared to February 2021 [^5]:

• Baltimore’s median sales price for February 2022 has seen a slight 0.6 percent jump to $319,900, compared to February 2021, showcasing a steady market.

• Baltimore’s listing inventory for February 2022 has decreased by 17.9 percent year over year, surpassing the national average decrease of 15.5 percent.

• At a decrease of 8.7 percent in home sales for February 2022, Baltimore’s lower transaction volume is more than three times greater than the national average decrease of 2.3 percent, year over year.

• “Baltimore has continued to see a strong yet steady market, according to local Compass agents,” said EA Stribling-Kivlan. “To remain competitive in the market, buyers have begun to include contributions to a seller’s closing costs alongside their offers.”

Single Family Homes

Overall Number Of Homes Sold

2,847 - February 2021

2,599 - February 2022

-8.7% Percent Change Year Over Year

Median Sales Price

$318,000 - February 2021

$319,900 - February 2022

+0.6% Percent Change Year Over Year

Average Percent Of List Price Received

100% - February 2021

100% - February 2022

0% Percent Change Year Over Year

Median Days On Market

9 - February 2021

10 - February 2022

+11.1% Percent Change Year Over Year

Inventory Of Homes For Sale

1,253 - February 2021

1,029 - February 2022

-17.9% Percent Change Year Over Year

[1] T. Velt, “RealTrends 500: The Rise of Compass,” RealTrends, Online, HW Media, 3/25/2022, https://www.realtrends.com/realtrends-500-the-rise-of-compass/.

[2] Based on data from the National Association of REALTORS® for the periods and locations described. Compass makes no guarantees as to the reliability, accuracy, or up to date nature of any information from the National Association of REALTORS®. Copyright ©2022 “Existing-Home Sales Fade 7.2% in February.” NATIONAL ASSOCIATION OF REALTORS®. All rights reserved. Reprinted with permission. March, 18, 2022, https://www.nar.realtor/newsroom/existing-home-sales-fade-7-2-in-february.

[3] Based on data from the Bright Multiple Listing Service (Bright MLS), via MarketStats by ShowingTime, for existing single family homes within New Castle County, Delaware for the periods described. Compass makes no guarantees as to the reliability, accuracy, or up to date nature of any information from the Bright Multiple Listing Service (Bright MLS).

[4] Based on data from the Triangle Multiple Listing Service (Triangle MLS) for existing single family homes in Wake County, North Carolina for the periods described. Compass makes no guarantees as to the reliability, accuracy, or up to date nature of any information from the Triangle Multiple Listing Service (Triangle MLS).

[5] Based on data from the Bright Multiple Listing Service (Bright MLS), via MarketStats by ShowingTime, for existing single family homes within the greater Baltimore, Maryland Metropolitan Area (Anne Arundel County, Baltimore City, Baltimore County, Carroll County, Harford County, Howard County) for the periods described. Compass makes no guarantees as to the reliability, accuracy, or up to date nature of any information from the Bright Multiple Listing Service (Bright MLS).